How Setting a Budget for Christmas Shopping Can Help You

Setting a budget for Christmas shopping makes it easier for you to enjoy the holidays. Instead of being caught up in all the busyness and festivities of the season, a pre-determined budget puts you in control and allows you to have more time for other important matters. It is also one of the most effective keys to help you avoid the temptation of overspending. Do you want to learn how to make your own budget? Here’s an easy to follow, systematic guide to help you get started!  

Create an Initial Christmas Shopping List

Your first step is to create an actual list consisting of names of people whom you intend to give gifts to. You can begin by listing down immediate family members (your spouse and children) as well as some of your close relatives (such as cousins, aunts, uncles, grandparents, in-laws, and so forth). Next, you would want to write the names of co-workers, bosses, and other people you associate with in the corporate world.

If you are an avid churchgoer, you may also include your teachers and other fellow members. As far as community friends go, you can even consider giving gifts to some of your neighbors, pool cleaners, pizza delivery boy, or even the teachers of your children.

You can list down as many as you want but remember that nothing is final yet. The main purpose of this exercise, at the least, is to identify everyone you hope to give gifts to this Christmas.

Determine the Exact Amount You Are Willing to Spend

After making a list, the next step is to determine how much money you will be spending for gifts. This is the part where you set a budget for Christmas shopping so you don’t go beyond your limits.
To have an accurate computation, all you have to do is calculate how much money you can save from this day until Christmas arrives. Next, you have to decide how much you will spend exclusively for gifts. Again, the idea is to help you spend within pre-set boundaries and avoid getting into debt.

The holidays are becoming the biggest reason for some people to get debts but this doesn’t have to be the same case for you with proper planning. After all, who would want to start the New Year with financial headaches?    

 Eliminate Some Names on the List

Now that you have a list and a fixed budget for Christmas gifts, go and re-evaluate your list and start removing a few names. If you are already married, consider consulting with your spouse before erasing names on the list. That way, you can both decide whether to retain or really remove some names on the list.

Prioritize well and you will see that Christmas doesn’t have to be as expensive as it used to be. In fact, you can think about categorizing the remaining names into three groups such as paid gifts, made gifts, and no gifts. Those categories are self-explanatory and you will surely benefit if you take advantage of that idea.

Stick To Your Holiday Shopping Budget

Now that you’ve narrowed down the list of people, you have to make sure that you will really stay within the budget you’ve set. Better yet, be specific and write down how much you plan to spend for each person. For instance, a gift for your boss may cost slightly higher than a gift for a co-worker. Work around your plan and you will definitely appreciate the whole point of setting a budget for Christmas shopping.

The hassles will be significantly reduced if you do this the right way. It’s a guarantee that you will have the most memorable and least financially exhausting Christmas in your life!